QLD Legislation Change Supports Property Buyers

New legislation passed in Queensland last week will support people looking to buy a property in the sunshine state, according to a leading real estate body.

Anton Kardash, chief executive offer of the Real Estate Institute of Queensland, applauded the reinstatement of the Principal Place of Residence (PPR) stamp duty concession, which was re-introduced as part of the Treasury (Cost of Living) and Other Legislation Amendment Bill 2012.

This measure could help home buyers save up to $7,000 a year on the cost of buying a new property from the beginning of next month. It applies to anyone purchasing a home as their principal place of residence.

The latest legislation also kick-starts a process that will eventually see sustainability declarations removed from the Queensland selling process altogether. This move has long been lobbied for by real estate groups across the state, which claim that they make little difference to buyers' decisions and add an additional layer of red tape to the property purchasing process.

Kardash said: "The REIQ, on behalf of its members, thanks the government for eliminating this extraneous piece of paperwork and looks forward to being consulted about other initiatives to help simplify the buying and selling process."

However, anyone completing a residential property transaction in Queensland in the coming weeks will still be required to comply with existing legislation surrounding sustainability declarations until the bill receives final assent.